Cryptocurrency Market Update: Bitcoin majestically steps above $7,000, Ethereum and Ripple explode

In a surprise move, Bitcoin has climbed several resistance levels including $6,800 and $6,900 to spike past the critical $7,000. The bullish move is a confirmation that buyers have been present in the market all along and were waiting for the right time to strike. Besides, Bitcoin halving is around the corner which means that investors are finally taking their positions in anticipation of a breakout to highs above $8,000. Many experts and cryptocurrency figures believe that halving will set Bitcoin back on the track to $20,000.

Bitcoin market update

Bitcoin price is trading at $7,036 at the time of writing after adding more than 6% to its value at the opening ($6,621). An intraday high has been formed at $7,145 from an intraday low of $6,466. It is apparent that the region between $6,450 and $6,600 is key support for BTC/USD after being tested twice in the same week. More volatility is expected in the coming weeks as Bitcoin grinds into its third block reward halving. I expect Bitcoin to continue with a pre-halving rally towards $8,000. However, the most significant breakout could take place following the halvening process.

Chart of the day: BTC/USD 4-hour

Ethereum market update

Ethereum is the most bullish among the top three cryptocurrencies. It has grown by 10.91% on the day to trade at $169. A break has also been made above 

$170 with an intraday high formed at $174.84. If the bulls recover above $170 and contain the movement, the focus is likely to shift to $8,000.

Ripple market update

Ripple has not been left behind but it has not reacted in the same measure as Ether. The third-largest crypto is trading at $0.1897 after adjusting upwards from $0.1806 (opening value). The step above $0.19 hit a wall at $0.1932. Support at $0.19 needs to be reclaimed and focus maintained at $0.20 to keep buyers and investors motivated.